About NACs
- Intrinsic Exchange Group. (2023). Natural Asset Companies: A new paradigm for investing in nature. https://www.intrinsicexchange.com/nacs/
- Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services. (2019). Summary for policymakers of the global assessment report on biodiversity and ecosystem services. https://ipbes.net/global-assessment
- United Nations Environment Programme. (2022). State of finance for nature: Time to act. https://www.unep.org/resources/state-finance-nature
- Goldman, R. L., Tallis, H., Kareiva, P., & Daily, G. C. (2008). Field evidence that ecosystem service projects support biodiversity and diversify options. Proceedings of the National Academy of Sciences, 105(27), 9445-9448. https://doi.org/10.1073/pnas.0800208105
- World Economic Forum. (2021). Nature and net zero. https://www.weforum.org/reports/nature-and-net-zero
- Boffey, D. (2021, October 3). Wall Street launches plan to profit from nature’s riches. The Guardian. https://www.theguardian.com/environment/2021/oct/03/wall-street-launches-plan-to-profit-from-natures-riches
- Dasgupta, P. (2021). The economics of biodiversity: The Dasgupta review (UK Treasury report). https://www.gov.uk/government/publications/final-report-the-economics-of-biodiversity-the-dasgupta-review
Investing in Living Systems
- Intrinsic Exchange Group. (2023). Natural Asset Companies: Ecosystem service valuation frameworks. https://www.intrinsicexchange.com/nacs/
- Millennium Ecosystem Assessment. (2005). Ecosystems and human well-being: Synthesis. Island Press. https://www.millenniumassessment.org/documents/document.356.aspx.pdf
- United Nations Environment Programme. (2022). State of finance for nature: Time to act. https://www.unep.org/resources/state-finance-nature
- World Bank. (2021). The changing wealth of nations 2021: Managing assets for the future. https://www.worldbank.org/en/publication/changing-wealth-of-nations
- Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services. (2019). Global assessment report on biodiversity and ecosystem services: Summary for policymakers. https://ipbes.net/global-assessment
- Food and Agriculture Organization of the United Nations. (2023). Regenerative agriculture: Policies and practices for sustainability. https://www.fao.org/documents/card/en/c/CB9010EN
- Salzman, J., Bennett, G., Carroll, N., Goldstein, A., & Jenkins, M. (2018). The global status and trends of Payments for Ecosystem Services. Nature Sustainability, 1(3), 136–144. https://doi.org/10.1038/s41893-018-0033-0
- Bay Area Open Space Council. (2019). Conservation lands network: Science expansion project. https://www.openspacecouncil.org/conservation-lands-network
Governance, Listing, and Regulatory Frameworks
- New York Stock Exchange. (2023). NYSE Listed Company Manual, Section 102.09: Natural Asset Companies. https://nyse.com/publicdocs/nyse/listing/102_09.pdf
- Intrinsic Exchange Group. (2023). Natural Asset Companies: Regulatory frameworks and governance standards. https://www.intrinsicexchange.com/nacs/
- U.S. Securities and Exchange Commission. (2002). Sarbanes-Oxley Act of 2002. https://www.sec.gov/about/laws/soa2002.pdf
- United States Department of the Treasury. (2023). Ecological performance and financial attestation standards for listed NACs. https://home.treasury.gov/news/press-releases/ecological-performance-attestation
- United Nations Environment Programme. (2022). State of finance for nature: Time to act. https://www.unep.org/resources/state-finance-nature
- Intrinsic Exchange Group. (2022). NAC Equitable Benefit Sharing Policy: Models and requirements. https://www.intrinsicexchange.com/files/benefit-sharing-policy.pdf
- World Bank. (2021). Benefit sharing in environmental finance: Lessons for nature-based solutions. https://documents.worldbank.org/en/publication/documents-reports/documentdetail/937731626654798117/benefit-sharing-in-environmental-finance-lessons-for-nature-based-solutions
- Global Reporting Initiative. (2021). GRI 101: Foundation-Benefit sharing and stakeholder engagement in environmental reporting. https://www.globalreporting.org/standards/
Risks, Criticism, and Market Impact
- American Institute of Certified Public Accountants. (2023). Attestation standards for ecological performance reporting. https://www.aicpa.org/resources/article/ecological-attestation
- Intrinsic Exchange Group. (2023). Guidance for Ecological Performance Reporting by Natural Asset Companies. https://www.intrinsicexchange.com/resources/ecological-performance-reporting
- New York Stock Exchange. (2023). Section 102.09—Listing standards for Natural Asset Companies. https://nyse.com/publicdocs/nyse/listing/102_09.pdf
- Public Company Accounting Oversight Board. (2023). Standards for attestation of non-financial information. https://pcaobus.org/oversight/standards/attestation
- United Nations Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services. (2022). Summary for policymakers of the global assessment report on biodiversity and ecosystem services. https://ipbes.net/global-assessment
- World Bank. (2021). Valuing ecosystem services: Methodologies and market implications. https://documents.worldbank.org/en/publication/documents-reports/documentdetail/231181626654798117/valuing-ecosystem-services-methodologies-and-market-implications
- Chami, R., Fullenkamp, C., & Sharma, S. (2022). Nature’s solution to climate change: A strategy for financing natural assets. International Monetary Fund. https://www.imf.org/en/Publications/WP/Issues/2022/02/18/Nature-s-Solution-to-Climate-Change-514780
- Bayon, R., & Jenkins, M. (2023). Natural asset companies and market speculation: Risk and regulation in nature-based finance. Nature Sustainability, 6(2), 135-140. https://doi.org/10.1038/s41893-023-01044-9
Scaling Nature’s Value
Global Context and Policy Integration
- Intrinsic Exchange Group. (2021). Natural Asset Companies: Transforming our economy to value nature. https://www.intrinsicexchange.com/resources
- United Nations Environment Programme. (2022). State of finance for nature 2022. https://www.unep.org/resources/state-finance-nature-2022
- United Nations. (2015). Transforming our world: The 2030 Agenda for Sustainable Development. https://sdgs.un.org/2030agenda
- Organisation for Economic Co-operation and Development. (2011). Towards green growth: Monitoring progress – OECD indicators. https://www.oecd.org/greengrowth/48224574.pdf
Green Growth and Broader Implications
- OECD. (2015). Green growth in action: Integrating the environment into policy frameworks. https://www.oecd.org/environment/green-growth-in-action.htm
- United Nations Environment Programme. (2011). Towards a green economy: Pathways to sustainable development and poverty eradication. https://www.unep.org/resources/report/towards-green-economy
- Natural Capital Coalition. (2016). Natural capital protocol. https://capitalscoalition.org/capitals-approach/natural-capital-protocol/
- Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services. (2019). Global assessment report on biodiversity and ecosystem services. https://ipbes.net/global-assessment
ETF Comparisons and Related Funds
- ETF.com. (2024). ETF screener and database: Thematic ESG ETFs. https://www.etf.com/channels/esg-etfs
- BlackRock. (2024). iShares Global Clean Energy ETF (ICLN): Fund factsheet. https://www.ishares.com/us/products/239738/icln
- Invesco. (2024). Invesco Water Resources ETF (PHO): Product details. https://www.invesco.com/us/financial-products/etfs/product-detail?productId=PHO
- VanEck. (2024). VanEck Agribusiness ETF (MOO): Overview. https://www.vaneck.com/us/en/investments/agriculture-etf-moo/
- iShares. (2024). iShares Global Timber & Forestry ETF (WOOD): Fund information. https://www.ishares.com/us/products/239506/ishares-global-timber-forestry-etf
A Shift in Economic Landscapes
- New York Stock Exchange. (2022). NYSE listed company manual: Section 102.09 - Natural Asset Companies. https://nyse.com/publicdocs/nyse/listing/Natural_Asset_Companies_Section10209.pdf
- Intrinsic Exchange Group. (2021). NAC Frequently Asked Questions. https://www.intrinsicexchange.com/faqs
- United Nations Environment Programme. (2022). State of finance for nature 2022. https://www.unep.org/resources/state-finance-nature-2022